ACADIA Pharmaceuticals Inc. (ACAD) Upgraded by Zacks Investment Research to “Buy”
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The firm presently has a $34.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 8.94% from the company’s current price.
According to Zacks, “Acadia Pharmaceuticals is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs for the treatment of central nervous system disorders. Their three clinical programs are ACP-103 for treatment-induced dysfunction in Parkinson’s disease, and ACP-104 and ACP-103, both for the treatment of schizophrenia. “
Several other research analysts have also recently commented on the stock. Piper Jaffray Companies set a $54.00 target price on shares of ACADIA Pharmaceuticals and gave the stock a “buy” rating in a research report on Wednesday. ValuEngine upgraded shares of ACADIA Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday. Cowen and Company reiterated an “outperform” rating and issued a $46.00 price objective (up from $42.00) on shares of ACADIA Pharmaceuticals in a report on Thursday. HC Wainwright reiterated a “buy” rating and issued a $60.00 price objective on shares of ACADIA Pharmaceuticals in a report on Wednesday. Finally, BidaskClub upgraded shares of ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, July 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $43.23.
Shares of ACADIA Pharmaceuticals (ACAD) traded up 3.24% during midday trading on Friday, reaching $31.21. The company’s stock had a trading volume of 2,092,205 shares. ACADIA Pharmaceuticals has a 1-year low of $20.68 and a 1-year high of $40.83. The company’s market capitalization is $3.81 billion. The stock has a 50 day moving average of $29.28 and a 200-day moving average of $32.02.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.55) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.17. ACADIA Pharmaceuticals had a negative net margin of 485.14% and a negative return on equity of 62.08%. The firm had revenue of $30.50 million during the quarter, compared to analysts’ expectations of $20.02 million. During the same quarter in the prior year, the firm earned ($0.63) EPS. ACADIA Pharmaceuticals’s quarterly revenue was up 30400.0% on a year-over-year basis. On average, equities research analysts anticipate that ACADIA Pharmaceuticals will post ($2.58) earnings per share for the current year.
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In related news, EVP Glenn Baity sold 14,322 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $34.88, for a total value of $499,551.36. Following the transaction, the executive vice president now directly owns 78,578 shares in the company, valued at approximately $2,740,800.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 54,322 shares of company stock worth $1,699,551 over the last quarter. 22.25% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of ACAD. Russell Investments Group Ltd. purchased a new position in ACADIA Pharmaceuticals during the fourth quarter worth about $145,000. Teachers Advisors LLC raised its position in ACADIA Pharmaceuticals by 15.2% in the fourth quarter. Teachers Advisors LLC now owns 122,300 shares of the biopharmaceutical company’s stock worth $3,527,000 after buying an additional 16,099 shares during the last quarter. Winslow Evans & Crocker Inc. raised its position in ACADIA Pharmaceuticals by 45.7% in the first quarter. Winslow Evans & Crocker Inc. now owns 5,100 shares of the biopharmaceutical company’s stock worth $175,000 after buying an additional 1,600 shares during the last quarter. Fox Run Management L.L.C. raised its position in ACADIA Pharmaceuticals by 89.5% in the first quarter. Fox Run Management L.L.C. now owns 21,600 shares of the biopharmaceutical company’s stock worth $743,000 after buying an additional 10,200 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in ACADIA Pharmaceuticals by 12.8% in the first quarter. Nisa Investment Advisors LLC now owns 4,510 shares of the biopharmaceutical company’s stock worth $155,000 after buying an additional 510 shares during the last quarter. Institutional investors and hedge funds own 97.34% of the company’s stock.
About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system (CNS) disorders. Its lead drug candidate, NUPLAZID (pimavanserin), is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PD Psychosis).
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